subject: Choosing Where To Sell Your Gold [print this page] If you are considering selling your gold for cash, you may be uncertain where you can receive the best price. There are a lot of gold buyers out there both online and in the real world and finding the one that will give you the most money for your gold can be difficult. Here are a few things you need to know about before selling your gold:
Scales: The value of gold is determined by its weight, but jewelers use a different unit of measurement called a Troy ounce. Gold is measured at 31.1 grams per Troy ounce. Alternatively, some gold dealers use a standard of measurement called a pennyweight, rather than grams, to measure a Troy ounce. A pennyweight is equal to 1.555 grams. Be aware of which measurement system the dealer is using, and make sure that a dealer does not weigh your gold by pennyweight but pay you by the gram. Knowing the price of gold per Troy ounce will give you a good idea of the value of your jewelry.
Karats: The karat value of gold is another factor that will affect the price. Basically, one karat signifies 1/24 of pure gold by weight. Thus, 24 karats means that the gold is completely pure, whereas 14 karats would mean the the jewelry is made up of 14 parts gold and 10 parts other metals. It is essential to know the karat value of your gold to get a good price when selling your jewelry. Unscrupulous dealers will weigh jewelry of different karat together, and pay you for the lowest karat value.
Market Value: Before selling your gold, verify the current market price to ensure you are receiving a fair price. Unscrupulous dealers, knowing that many people who sell gold need quick cash, will offer a price that is much lower than the actual value of the gold.
Reputation of the Buyer: There are a lot of places to sell your gold, such as pawn shops, jewelry buyers or gold dealers online. Make sure you do a little research, and check out the buyers' rating from the Better Business Bureau at www.bbb.org. Look for any customer complaints and find out whether the complaints were resolved or not.
Keep these tips in mind to make sure you are getting a good price for your gold. In addition, have your gold jewelry appraised before selling it to a jewelry buyer.
